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I'm fast becoming a fan of my credit union... the difference is night and day.
I had a HELOC and used it for construction funding and all went well... paid it off.
Had another project and wrote my HELOC check and it was returned... account closed... thing is I did not close my account or was there zero notice to me...
When I followed up I was told "I" had closed the account which was false.
Went higher up the chain and learned Country Wide Unilaterally closed thousands of accounts saying closed by account holder and this was explained as good for me as opposed to having the institution closing the account.
I had to scramble for the funds which left a bad taste...
Last edited by Ultrarunner; 05-11-2016 at 03:38 PM..
Reason: typo
After being told in writing, that I was Pre-Approved for a HELOC, imagine my surprise, when I receive a letter, telling me that I was turned down!
The main reason being, is that their Appraiser totally screwed me in determining the value of my home!
This appraiser did not visit my home, to see all the upgrades, all he did, supposedly was run comps!
The reason why, I think they are full of it! Is that I ran Comps this morning, and they are way higher, than what the bank claims, that their appraiser stated! I have them all printed out, and will submit to them, if they ever get back to me
For example, a home 2 doors down from me sold in January of this year. This home is way smaller than mine, has a very small deck, only one garage, and has never been updated in 30 years! They valued my, updated home, supper large, brand new deck, 2 garages, for less than 20k than his! That's insane!
So, bottom line, I'm going to fight this with all I've got! Any suggestions?
So far, I'm just hearing crickets from the bank
You have to be careful running comps, you can only use the MLS or tax base. Zillow, Truilia, Realtor, are not sources you can use.
You can only run comps on what the house closed for not the listing price.
Upgrades don't count on appraisals, a kitchen is a kitchen, you don't get credit for an upgraded one.
A two car garage is worth more than a one car garage.
The bank isn't setting a price that they are buying a house for. The bank is looking for what they can sell your house for to get a quick sale if they have to foreclose on you.
If that bank won't give you the money you want try another bank.
Yes. I had my house appraised years back for a HELOC and the bank's number was a little lower than comps. I had an appraiser come to the house and I figured he saw what was upgraded, what was antique/restored. When I asked the person handling the line why the appraisal was lower than the comps, she indicated that a number of the items that were upgrades were easily removed -- expensive doors, stained glass, etc., or items which people trash if they find themselves being foreclosed upon.
It was a little insulting as I wouldn't stoop that low, but in my line of work I have seen homes which former owners have just about destroyed.
Yes. I had my house appraised years back for a HELOC and the bank's number was a little lower than comps. I had an appraiser come to the house and I figured he saw what was upgraded, what was antique/restored. When I asked the person handling the line why the appraisal was lower than the comps, she indicated that a number of the items that were upgrades were easily removed -- expensive doors, stained glass, etc., or items which people trash if they find themselves being foreclosed upon.
It was a little insulting as I wouldn't stoop that low, but in my line of work I have seen homes which former owners have just about destroyed.
I recently refinanced my house, and the loan officer asked me what I thought the value of my house was. I gave him a value with a range of $1,000, give or take. He raised an eyebrow at me, and said, "Are you sure?" I'm a real estate agent, so yeah, I was pretty sure, I had access to detailed comparable information.
Sure enough, the appraisal came in exactly where I said it should be. The loan officer was impressed as hell -- said he had never seen anyone on a refinance hit the number exactly. :-)
Seeing what some people do to homes that are foreclosed on -- nothing would surprise me. I've seen whole kitchens ripped out to the studs, I've seen doors ripped off hinges, I've seen obscene words spray-painted all over walls, I've seen bathtubs smashed, a sledgehammer taken to a toilet (regardless of whether the water was on), and the railings of a desk kicked out, plus piles of garbage layered in corners. You're not sure if they were humans or animals living there.
Unless a meteor hits and they are wiped out immediately...oh yeah, the meteor did hit in 2008 but the taxpayers bailed them out so the same ol same ol can continue and screwing over the consumer resumes.
I'm confused - wouldn't the "same 'ol same 'ol" be continuing to give home equity loans to people with questionable equity??
I'm confused - wouldn't the "same 'ol same 'ol" be continuing to give home equity loans to people with questionable equity??
The same ol same ol meaning paying excessive corporate bonuses while looking to nickel & dime the consumer with "gotcha" fee's. Yes, the lending requirements have shored up & yes I added to the topic but why should the OP deal with this when they can go to a credit union?
Do you really want a HELOC? I got one back in 2004 and never used a cent of that money. All it did for me was provide one more (slight) complication when I sold the house. Maybe you can just tell them to take their HELOC and buzz off. If it was me, I'd do that and I'd never do any more business with them ever again.
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